Based on the Naples Area Board of Realtors or NABOR, home prices of top-tier homes are on its highest this season. This is based on the latest statistics released by the board on Friday. However, prices on other home categories showed varied results.
With the improving home price sales, the market is generally good for all home sellers. Compared to last year’s performance on the same month, this year show another double-digit gain for the real estate market.
Overall home sale prices increased 23% to $269,000. The increase mostly includes homes on the upper bracket with prices ranging from $2 million and up. Many of these big homes were sold through bidding.
According to Brenda Fioretti, a real estate broker in Naples, a lot of wealthy homebuyers are motivated to buy properties – especially big homes because of the bull market and the continuous increase in real estate prices.
Due to the positive appreciation rates, Naples area is gaining national attention and a lot of investors are gaining confidence to the real estate market once again.
However, gains in other home price ranges showed lesser increase. Homes with prices ranging from $500,000 to $1 million gained 13% while homes costing $300,000 and less experienced 12% increase.
Homes within the $300,000 to $500,000 price range experienced a 3.5% decrease in home prices while homes in the 1 million to 2 million price range were to down to 9%.
The decrease in other home price ranges is to be expected according to Pat Pitochi, President of NABOR basically because homes in these price ranges are vanishing as the housing and real estate market improve.